Dealing spread: The dealing spread ('spread' or 'bid'/'offer' spread) is the difference between the price at which you can buy (offer) and the price at which you can sell (bid). For example, Ben buys 1000 shares in an investment trust at 130p per share (the 'offer' price). He pays 1000 x 130p=?1,300 in total (ignoring the cost of dealing). If the spread is 5p, he could immediately sell the shares at 125p each (the 'bid' price). In other words, he would make an immediate loss of 1000 x 5p=?50. The shares must rise by at least 5p per share before he can make a profit on them.

Debenture Stock: A fixed interest security issued as loan capital. Debenture stocks are traditionally a common form of long-term borrowing. Debenture stocks are usually secured on the company's assets and therefore rank ahead of shareholders funds in the event of liquidation

Debt: The total value of all prior charges ranking before equity capital. When referred to in the context of investment trusts, the debt referred to is that which is used for investment purposes.

Debt cover: This is the ratio of total assets to the trust's debt. Typically an indicator used by banks in setting covenants in respect of loans to investment trusts.

Default risk: The risk that a company may not be able to pay back the money you invest.

Deposit Account: A bank or building society account which earns a steady rate of interest and in which your original capital is secure. The interest rates paid vary depending on the length of time you are prepared to lock your money away for.

Depositary: Responsible for overseeing the fund manager's activities in relation to an OEIC. Usually a large bank, the depositary must be independent of the fund manager where the fund is authorised by the Financial Services Authority. It acts in the interests of the investors, owning the investments in the fund on their behalf. It also ensures that the fund is invested according to its investment objectives and that the manager complies with the regulations. The unit trust equivalent is known as the trustee.

Derivatives: A general term for futures and options.

Discount: If the share price of an investment trust is lower than the net asset value (NAV) per share, the trust is said to be trading at a discount. The discount is shown as a percentage of the NAV. The opposite of a discount is a premium. It is more common for an investment trust to trade at a discount than a premium.

Discount broker: A service provided by an intermediary where no advice is taken. Also known as an "execution only" service, the broker will buy a product on behalf of an investor after the investor has chosen which product they would like to purchase. Discount brokers usually waive or discount the initial charge, as no advice has been provided. This service is often available by post and rather than pay commission you are charged a one-off transaction charge.

Distributions: Income paid out from a unit trust or OEIC in the form of interest or dividends.

Dividend: The income from a share investment. Some investment trust companies pay dividends on a quarterly or monthly basis, most pay dividends twice yearly.

Dividend yield: The annual dividend expressed as a percentage of the current market price. A dividend yield can give you an indication of the potential level of income you would get from an investment trust share. However, future dividends may be higher or lower than indicated by the current dividend yield depending on the performance of the trust.

Diversification: A term used to describe spreading risk by investing in a number of different companies and assets. Diversification means you won't have all of your eggs in one basket.

Dual pricing: Dual-priced funds have an offer price at which you buy, and a lower bid price, at which you sell. The difference between the two prices is known as the bid/offer spread. The buying price is normally higher than the selling price as this includes the initial charge to be paid to the fund manager.

Duration: An indication of the sensitivity of the bond's price to a change in interest rates. For example, where the duration of a bond is four years, this indicates that for a 1% rise in the yield of the bond, the price of the bond would fall by 4%, and for a 1% fall in the yield of the bond, the price would rise by 4%.

Duration Risk: The impact of an interest-rate change on a bond portfolio's value.

The value of your investments and the income from them can go down as well as up. You may not get back the full amount you have invested.

Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored.